Posts Tagged ‘toyota daihatsu’

The Daihatsu Noridri concept first shown at the Tokyo Motor Show last year.

Confirming earlier reports out of Japan, Toyota says it plans to buy out the remaining 48.8% of microcar maker Daihatsu that it does not already control.

The deal, which will strengthen Toyota’s hand in the minicar market in both Japan and emerging markets, will involve a stock swap worth about $3 billion. The takeover is expected to be completed by late July.

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“We see this as the perfect opportunity to cement our relationship with Toyota, and, by doing so, to embark on a new period of growth, and to elevate the Daihatsu brand to a global standard,” Daihatsu said in a statement announcing the deal.

A minicar for Toyota, which will rebadge the Daihatsu Move Conte as one of its own models.

The minicar market is apparently a big deal for Toyota Motor Co. The world’s largest maker will begin selling some of the pint-sized products produced by its Daihatsu subsidiary under its own brands.

The news, announced this morning from Japan, appears to be limited to the domestic home market, where 1.22 million minicars were sold during just the first eight months of this year. But with growing interest in such vehicles abroad, particularly in such places as Europe, it remains to be seen whether Toyota will move to expand the distribution arrangement with Daihatsu.

Starting in autumn 2011, Toyota will distribute three minicars through its Corolla and Netz distribution networks. Sales are expected to total about 60,000 vehicles annually.

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“The minivehicle market has been expanding lately and more of our customers are asking for them,” explained Toyota Executive Vice President Yoichiro Ichimaru, at a press conference in Tokyo.

The decision to tap Daihatsu for the new models will allow “our focus (to) remain on the non-Mini segment,” the executive added. “But this way we will be able to meet the needs of such customers.”